Jocelyn contributed $90.00 every three months into an RRSP for 5 years. What nominal annual rate of interest will the RRSP earn if the balance in Jocelyn's account just after she made her last contribution was $2,200.00? The nominal annual rate of interest is % compounded quarterly. (Round to two decimal places as needed.)
Jocelyn contributed $90.00 every three months into an RRSP for 5 years. What nominal annual rate of interest will the RRSP earn if the balance in Jocelyn's account just after she made her last contribution was $2,200.00? The nominal annual rate of interest is % compounded quarterly. (Round to two decimal places as needed.)
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Transcribed Image Text:Jocelyn contributed $90.00 every three months into an RRSP for 5 years. What nominal annual rate of
interest will the RRSP earn if the balance in Jocelyn's account just after she made her last contribution
was $2,200.00?
The nominal annual rate of interest is % compounded quarterly.
(Round to two decimal places as needed.)
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